With the use of Artificial Intelligence in anti-financial crime and other areas predicted to boom, United States federal regulators are scratching their heads and wondering what it means for compliance. They have asked for your help through a public Request for Information. Here is what they are wanting to know.
The switch to remote working during the coronavirus pandemic has impacted on UK banks’ financial crime prevention measures at a time cases of fraud and money laundering were rising, survey respondents have said.
Fine art is used by launderers and terrorists to move billions of dollars of illicit cash every year. As regulators look to clamp down, Paula Krulicki outlines some of the key warning signs for Anti Money Laundering compliance teams to be aware of
Efforts to tackle financial crime and requirements to protect privacy can seem conflicted and, in some cases, drive opposite regulatory expectations for the private sector. Increasingly, entities regulated for anti-money laundering (AML) are drawing large amounts of information from third parties to understand customer FinCrime risks.
At the end of 2020, the transition period for the UK’s departure from the EU came to an end. Prior to Christmas, the UK and the EU had finalised a trade agreement that included clauses about both parties’ commitment to international financial crime standards.
The Financial Crimes Enforcement Network (FINCEN) in the United States needs more funding and a ‘Manhattan Project’ to develop new technologies in order to be more effective against money laundering, a think tank has said.
The National Crime Agency is planning a crack down on company formation agents as part of an AML drive. However, John Binns argues the problems are due to more significant holes in the UK’s financial crime safety net
A ‘cottage industry’ of company formation agencies is helping criminals launder billions of pounds in the UK, with £4.5billion of unreported income identified between 2012 and 2017, a report has revealed.